Question

Anil bought a motor cycle costing Rs.1,50,000 by making a down payment of Rs.50, 000 and

agreeing to make equal annual payment for five years. How much would be each payment if the

interest on unpaid amount be 10% compounded annually?​

Answer 1

Answer:

The total amount he had to pay in 5 years is 100,000

As we know there is 12 months in 1 year.

So,we multiply 12 and 5=60

So in 1 month he had to pay 1,666.66

The 10% of 1,666.66=166.66

So,we add the amount he had to pay in month and its intrest

So,

=1,666.66+166.66

=1833.32

So,

He had to pay 1833.32 rupees in 1 month.